Rainbow Investment to Take Control of Grossmont Center Mall
Control of Grossmont Center mall and nearby medical offices will go back to owner Rainbow Investments when a master lease held by a Chicago company is allowed to expire in 2015. How the land will be used in the future is still unknown.
Rainbow Investments will take control of Grossmont Center when the lease for the land expires in 2015, according to San Diego Daily Transcript.
Rainbow owns the property but the master lease of the 939,000-square-foot mall and an adjacent 172,000-square-foot medical office building has been controlled by Denele Co. of Chicago since it was constructed in 1961, according to the paper.
Individual leases held by about 150 businesses on the land like Macy's, Target and others expire in 2015 as well but will be extended until 2020, according to former Port of San Diego Commissioner Steve Cushman, whose family holds a controlling interest in Rainbow Investments.
Cushman declined to state further plans for the land after 2020.
Click here to read the full story by San Diego Daily Transcript.